Swiggy, a Bangalore-based food technology startup, has today announced that it has acqui-hired gourmet food startup 48East. With this, the company is now looking to strengthen leadership roles.
After the acquisition deal closes, Joseph Cherian and Nabhojit Ghosh — founders of 48East, will now join Swiggy in order to help the company to build the new supply business.
Joseph Cherian will now be taking the mantle of chief operating officer for the vertical which was launched last month along with Swiggy Access – the delivery-only service in partnership with restaurants in new localities.
Commenting on this, Sriharsha Majety, CEO of Swiggy, said,
With their deep understanding of the food space and an impressive track record of delivering a great consumer experience, the 48East team will equip Swiggy with additional capabilities. We are excited to work with them towards our vision of changing the way India eats.
48East was founded in the year 2016 by Joseph Cherian and Nabhojit Ghosh. So far, the company has raised around $750,000 in seed funding from Al Dhaheri Capital and ACPL Exports.
Lately, the company has been engaged with building its senior management team especially for Swiggy Access, with an aim to plug existing supply gaps in the marketplace. Earlier this month, Swiggy brought on board Reckitt Benckiser’s Vishal Bhatia as the CEO for its new supply business.
Swiggy, which competes against Zomato in the food-tech space in India, has been focused on increasing its revenues. The startup has seen its revenues jump a massive 6 times to ₹133 crore in FY17 from just ₹ 20 crore last year. The company is reportedly receiving over 4 million orders per month on its platform.